SHANGHAI, May 10 (SMM) – Steel prices in China’s domestic market are likely to inch higher on Wednesday, Shanghai Metals Market foresees.
Latest news reported that the People's Government of Tangshan City announced one-month action plan to combat air pollution from May 9 to 31. The news is expected to serve as positive factor for steel prices.
According to SMM survey, rebar production at 60 small and medium private mills increased slightly as of May 9 compared with the level seen in the first ten days of April.
The rate at mills outsourcing billets was up 4 per cent to 64 per cent, while that at electric furnace mills was up 7 per cent 17 per cent during the report period. For mills outsourcing billets, the biggest problem now is availability of billets, which curbed the increase in utilization rates. Stringent environment policy left most of electric mills offline.
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